Bajaj Finserv Limited (BFS), the holding company of the Bajaj Group, declared its Q3 FY22 result on 20 January, 2022.
The company posted consolidated net profit at Rs.1,256 crores, down 2.6% YoY from Rs. 1,290 crores. Total income for the company came in at Rs. 17,620 crores, up ~10.4% YoY from Rs. 15,960 crores. Tax expenses for BFS rose to Rs. 899 crores from Rs.697 crores for the corresponding period last year.
BFS and its subsidiaries – Bajaj Finance Limited (BFL), Bajaj Allianz General Insurance Company Limited (BAGIC), and Bajaj Allianz Life Insurance Company Limited (BALIC) posted net profits at Rs. 2152 crores, Rs. 304 crores and Rs 88 crores, respectively.
The company states that the economic conditions were better in Q3 FY22 compared to Q2 FY22, though key indicators like auto sales remain muted. The general insurance business was impacted as the quarter witnessed adverse weather events. Emergence of the Omicron variant at the end of Q3 has worried the company. Even under such circumstances, the company is committed to growth.
The BFS script traded nearly 4% down this afternoon, as it remained under severe market pressure from losses reported.
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